Friends,
If proprietor withdraws Interest on His Capital in the proprietory concern then what will be the position as far as Income Tax is concerned?
Thanks & regards
Friends,
If proprietor withdraws Interest on His Capital in the proprietory concern then what will be the position as far as Income Tax is concerned?
Thanks & regards
The interest will be disallowed under income tax act.
interest from proprietor's own business :) what is the purpose?
he will have to add the same again in net profit back at the time of filing the return.
IT WILL BE DISALLOWED
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
